Operational Risk Management Department-Third Party Risk Management AVP/Associate

Bank Of China Third Party Risk Management PositionEstablished in 1912, Bank of China is one of the largest banks in the world, with over $3 trillion in assets and a footprint that spans more than 60 countries and regions. Our long-term outlook, institutional weight and global breadth provide our clients with a stable and reliable financial partner, whether in Corporate or Personal Banking or our Trade Services, Commodities, Financial Institutions and Global Markets lines of business.OverviewThe incumbent is responsible for all aspects of and will provide oversight, guidance and challenge to the Bank's Third Party Risk Management (TPRM). S/he will establish and enhance the Third Party Risk Framework, draft and maintain TPRM policies and standards, develop and execute TPRM annual work plans, and conduct periodic risk assessments. S/he will also assess, monitor and track TPRM lifecycle activities, ensure documentation completeness, and prepare aggregated TPRM reports on risk data and analysis.ResponsibilitiesInclude but are not limited to:Third Party Risk Management FrameworkEstablish and enhance the Third Party Risk Framework, ensure it consists of appropriate components to effectively manage third party risksUpdate third party risk management policies and proceduresDevelop and execute a third party risk annual work plan to review and challenge risk identification, assessment, control evaluation and testing activitiesUtilize a consistent risk rating methodology for controls that aligns with the Operational Risk FrameworkConduct periodic risk assessment of third party risksThird Party Risk Management Lifecycle & Implementation of TPRM Second Line ReviewAssess, monitor and track third party risk management lifecycle activities as second line of defenseProvide third party risk management guidance to First Line Units ("FLUs")Ensure the completeness of the central documentations of the bank wide third party populationPrepare aggregated third party risk reportKeep abreast of current industry tools, trends, and regulatory requirementsWork with other SMEs under the third party risk management framework to ensure the third party risk management activities are efficientEnsure third party risk management system is implemented and all updates are installed timelyProvide timely training of system upgrades or updates to all system usersRisk AssessmentAssist with new product management risk assessment processAssist with RACA quarterly review in the expertise of third party risk managementBSA/AML, Compliance, and Talent ManagementComplete required BSA/AML, and other compliance trainings as providedBeware of BSA/AML issues, provide risk warnings to First Line Units and internal risk management departments when noticedQualificationsBachelor's degree is required, and an advanced degree is preferredMinimum 5 years of work experience in financial service industry is required for AVP levelMinimum 5 years of work experience in risk management and minimum 2 years of third party risk management experience are required for AVP level; Minimum 1 year of work experience in third party risk management is required for Associate levelKnowledge of operational risk management and assessment, regulatory and compliance, general IT risk/IT operation as well as business lines and workflow in financial/banking industry is requiredCertified Third Party Risk Professional or Certified Regulatory Vendor Program Manager is preferred but not requiredPay RangeActual salary is commensurate with candidate's relevant years of experience, skillset, education and other qualifications.USD $42,000.00 - USD $150,000.00 /Yr.